Image Source: The Verge
Holders of CryptoPunks, a well-known early non-fungible token collection, were given access to a limited assortment of 250 unique jewel-encrusted pendants on Friday, which Tiffany & Co. debuted and promptly sold out.
A total of 10,000 distinct 8-bit-style produced characters are saved on the Ethereum blockchain in CryptoPunks, a project introduced in 2017. According to Noah Davis, the new brand lead for CryptoPunk and a former head of digital sales at Christie’s, the collection is effectively the Web3 equivalent of cave drawings. CryptoPunks was referred to as “the earliest successful, and enduringly so, community-based NFT initiative” by Davis in a CNN interview.
According to their website and Twitter, Tiffany offered 250 “NFTiffs,” digital passes that could be used to buy specially made CryptoPunks pendants and a complementary NFT artwork. Customers needed to have a CryptoPunk of their own in order to purchase an NFT.
Designers at Tiffany will craft a unique pendant for each NFTiff based on the buyer’s CryptoPunk. Each CryptoPunk has a special mix of 159 colors and 87 features, such as a surgical mask, cap, or earring, which will be mirrored in the pendant. According to Tiffany, each piece will be made of 18-karat gold and have at least 30 gemstones or diamonds.
The price of each NFTiff, which grants access to a pendant and a corresponding NFT digital depiction, is hefty: 30 ETH, or almost $50,000.
According to Davis, the Tiffany pendants brand lead for CryptoPunks, are one example of potential NFT-related ventures.
NFT and ownership according to CryptoPunks
Davis claims that possessing an NFT entails possessing a blockchain entry. To put it into perspective, it is an irrevocable record that cannot be altered fraudulently, faked, copied, or removed. It will always be there. In the digital age, having an NFT is incredibly powerful.
In March, all of the intellectual property (IP) for CryptoPunks was acquired by Yuga Labs, the parent business of Bored Ape Yacht Club, another well-known early NFT project. Yuga Labs then announced plans to provide all CryptoPunk owners with economic rights. Projects like the Tiffany pendants were possible as a result. Owning a token means more than just having ownership of this JPEG, according to Davis. It indicates that you have specific rights about the use of your CryptoPunk and the type of IP you can create around it. There are hardly any limits at all. ”
The Tiffany pendants, in Davis’ opinion, “perfectly show the license that’s pouring out.” In this case, owners of Cryptopunks are effectively hiring Tiffany’s to develop new intellectual property (IP) based on their CryptoPunk, and that new IP is a pendant. The CryptoPunk must be yours in order to possess the pendant’s intellectual property.
The initiative also symbolizes the growing integration of premium brands, cryptocurrencies, and NFTs. NFTs have been sold for eye-popping sums at venerable auction houses like Christie’s and Sotheby’s. Gucci also made plans to let clients pay for products with Bitcoin and a number of other cryptocurrencies public in May.
As NFT holders use their IP as the foundation for their own ventures, Davis told CNN he hopes the expansion of commercial rights for CryptoPunk holders leads to more distinctive community-driven projects.